Electricity Market Association presents proposals for energy sector reforms in Cyprus

During a press briefing, the Electricity Market Association of Cyprus, led by George Chrysochos, proposed five measures to reduce electricity prices, including the efficient operation of the competitive market, reduction of renewable energy curtailments, energy storage installation, grid modernization, and the introduction of natural gas. The association estimates that switching to natural gas could lower electricity costs by 30% and reduce emissions by 40%. Chrysochos noted that current TTF prices are 25% cheaper than diesel, with a 7-8% increase in production efficiency. Currently, the Electricity Authority of Cyprus (EAC) dominates the market with 72.6% of power generation. Private renewable energy producers hold a 6.4% market share with 324 MW of installed capacity, while the EAC purchases additional renewable power at 11 cents per kWh. Chrysochos confirmed that the EAC was previously excluded from the association for allegedly undermining the competitive electricity market. He also addressed the potential entry of Cyta into the energy sector, stating that it must occur under fair and proper regulatory terms.